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  "documentTitle": "Phillips 66 (PSX)",
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  "notes": "Uses a bar chart to highlight PSX's negative growth vs. peers and visual asset maps to show lack of expansion.",
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      "text": "COMPLETE FAILURE TO GROW",
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      "text": "Gathering and Processing Volume Growth: -2%",
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      "text": "Phillips 66 has failed to grow its G&P network organically, forfeiting its early advantage.",
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      "kind": "quote",
      "text": "At Targa Resources, it was clear to us that the last 15 years presented a once-in-a-lifetime opportunity to scale with the rapid growth of U.S. shale production. It is well known by insiders within our industry that Phillips 66 did not capitalize on the significant head start they had with DCP.",
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      "text": "“At Targa Resources, it was clear to us that the last 15 years presented a once-in-a-lifetime opportunity to scale with the rapid growth of U.S. shale production. It is well known by insiders within our industry that Phillips 66 did not capitalize on the significant head start they had with DCP.” — Mike Heim",
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      "text": "Source: Public filings and third-party energy market consultant views.",
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      "text": "POOR OPERATING PERFORMANCE: FAILURE TO GROW ORGANICALLY",
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